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Side-by-side financial comparison of Diversified Energy Co (DEC) and ESAB Corp (ESAB). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $666.5M, roughly 1.1× Diversified Energy Co). Diversified Energy Co runs the higher net margin — 29.3% vs 7.5%, a 21.8% gap on every dollar of revenue. Diversified Energy Co produced more free cash flow last quarter ($280.0M vs $70.3M).
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services in the United States and Canada. Its operating units include an electric utility serving 2.2 million customers and a natural gas utility serving 1.3 million customers in Michigan.
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
DEC vs ESAB — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $666.5M | $727.8M |
| Net Profit | $195.5M | $54.8M |
| Gross Margin | — | 37.0% |
| Operating Margin | 37.6% | 14.6% |
| Net Margin | 29.3% | 7.5% |
| Revenue YoY | — | 8.5% |
| Net Profit YoY | — | 2.1% |
| EPS (diluted) | — | $0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $666.5M | $727.8M | ||
| Q3 25 | $499.8M | $715.6M | ||
| Q2 25 | $600.3M | $678.1M | ||
| Q4 24 | — | $670.8M | ||
| Q3 24 | — | $673.3M | ||
| Q2 24 | — | $707.1M | ||
| Q1 24 | — | $689.7M | ||
| Q4 23 | — | $689.3M |
| Q4 25 | $195.5M | $54.8M | ||
| Q3 25 | $171.1M | $66.9M | ||
| Q2 25 | $297.7M | $67.4M | ||
| Q4 24 | — | $53.7M | ||
| Q3 24 | — | $68.2M | ||
| Q2 24 | — | $82.9M | ||
| Q1 24 | — | $60.0M | ||
| Q4 23 | — | $50.2M |
| Q4 25 | — | 37.0% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | 44.7% | 37.6% | ||
| Q4 24 | — | 38.5% | ||
| Q3 24 | — | 37.7% | ||
| Q2 24 | — | 38.2% | ||
| Q1 24 | — | 37.0% | ||
| Q4 23 | — | 37.0% |
| Q4 25 | 37.6% | 14.6% | ||
| Q3 25 | 36.2% | 15.2% | ||
| Q2 25 | 48.5% | 16.2% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | — | 15.7% | ||
| Q2 24 | — | 16.9% | ||
| Q1 24 | — | 16.0% | ||
| Q4 23 | — | 15.0% |
| Q4 25 | 29.3% | 7.5% | ||
| Q3 25 | 34.2% | 9.3% | ||
| Q2 25 | 49.6% | 9.9% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | — | 10.1% | ||
| Q2 24 | — | 11.7% | ||
| Q1 24 | — | 8.7% | ||
| Q4 23 | — | 7.3% |
| Q4 25 | — | $0.90 | ||
| Q3 25 | $2.14 | $1.09 | ||
| Q2 25 | $3.67 | $1.10 | ||
| Q4 24 | — | $0.87 | ||
| Q3 24 | — | $1.11 | ||
| Q2 24 | — | $1.35 | ||
| Q1 24 | — | $0.98 | ||
| Q4 23 | — | $0.83 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $29.7M | $218.2M |
| Total DebtLower is stronger | $2.7B | $1.3B |
| Stockholders' EquityBook value | $984.1M | $2.1B |
| Total Assets | $6.2B | $4.9B |
| Debt / EquityLower = less leverage | 2.76× | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.7M | $218.2M | ||
| Q3 25 | — | $258.2M | ||
| Q2 25 | $23.7M | $291.3M | ||
| Q4 24 | — | $249.4M | ||
| Q3 24 | — | $253.7M | ||
| Q2 24 | — | $228.5M | ||
| Q1 24 | — | $76.5M | ||
| Q4 23 | — | $102.0M |
| Q4 25 | $2.7B | $1.3B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $992.8M | ||
| Q4 23 | — | $1.0B |
| Q4 25 | $984.1M | $2.1B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | $727.7M | $1.9B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.6B | ||
| Q4 23 | — | $1.6B |
| Q4 25 | $6.2B | $4.9B | ||
| Q3 25 | — | $4.4B | ||
| Q2 25 | $5.7B | $4.2B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $3.8B | ||
| Q4 23 | — | $3.8B |
| Q4 25 | 2.76× | 0.63× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.55× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.59× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | — | 0.61× | ||
| Q4 23 | — | 0.63× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $464.6M | $81.5M |
| Free Cash FlowOCF − Capex | $280.0M | $70.3M |
| FCF MarginFCF / Revenue | 42.0% | 9.7% |
| Capex IntensityCapex / Revenue | 27.7% | 1.5% |
| Cash ConversionOCF / Net Profit | 2.38× | 1.49× |
| TTM Free Cash FlowTrailing 4 quarters | — | $238.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $464.6M | $81.5M | ||
| Q3 25 | — | $46.6M | ||
| Q2 25 | $264.1M | $35.4M | ||
| Q4 24 | — | $126.9M | ||
| Q3 24 | — | $101.0M | ||
| Q2 24 | — | $83.0M | ||
| Q1 24 | — | $44.5M | ||
| Q4 23 | — | $122.4M |
| Q4 25 | $280.0M | $70.3M | ||
| Q3 25 | — | $37.4M | ||
| Q2 25 | — | $28.1M | ||
| Q4 24 | — | $102.2M | ||
| Q3 24 | — | $90.4M | ||
| Q2 24 | — | $74.0M | ||
| Q1 24 | — | $37.1M | ||
| Q4 23 | — | $103.1M |
| Q4 25 | 42.0% | 9.7% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | — | 4.1% | ||
| Q4 24 | — | 15.2% | ||
| Q3 24 | — | 13.4% | ||
| Q2 24 | — | 10.5% | ||
| Q1 24 | — | 5.4% | ||
| Q4 23 | — | 15.0% |
| Q4 25 | 27.7% | 1.5% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 1.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.1% | ||
| Q4 23 | — | 2.8% |
| Q4 25 | 2.38× | 1.49× | ||
| Q3 25 | — | 0.70× | ||
| Q2 25 | 0.89× | 0.53× | ||
| Q4 24 | — | 2.36× | ||
| Q3 24 | — | 1.48× | ||
| Q2 24 | — | 1.00× | ||
| Q1 24 | — | 0.74× | ||
| Q4 23 | — | 2.44× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DEC
Segment breakdown not available.
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
